FxWirePro: Nikkei trades higher on account of weak yen, good to buy on dips
Nikkei recovered more than 1% from yesterday low of 21996 on account of weak yen. The yen declined sharply against all majors on easing geo political tensions. US markets Dow jones and S&P500 has closed more than 1% lowe…
Nikkei recovered more than 1% from yesterday low of 21996 on account of weak yen. The yen declined sharply against all majors on easing geo political tensions. US markets Dow jones and S&P500 has closed more than 1% lower due to rising US 10 year bond yield. US futures also continuing its weakness and is trading with Dow jones at 23930 (0.21% lower) and S&P500 2630 (0.2% lower).It is currently trading around 22272 0.63% higher.
USD/JPY is continuing its 3rd day of bullishness after breaking major resistance 107.80 level. The pair jumped almost more than 140 pips from that level. It hits high of 109.20 and is currently trading around 109.06.
On the lower side, index major support is around 22170 (55- H EMA) and any break below will drag the index down till 22000/21697 (Apr 13th low).
The near term resistance is around 22530 and any break above will take the index to next level till 22694 (61.8% fibo)/23000.
It is good to buy on dips around 21900-925 with SL at 21690 for the TP of 22500.
